Aggrieved parties can move court to save investments: Sibal

“The sector has suffered due to uncertainties and this judgement brings a lot of clarity,” the minister said.

The Supreme Court ordered telecoms licences issued under a scandal-tainted 2008 sale be revoked, striking a decisive blow against corruption that plagues the country and roiling the world's No.2 cellular market. The apex court has indicted the first come first served policy.

In its verdict, the SC has said that the TRAI recommendations were “flawed”, said Sibal adding, “the telecom regulator will prepare guidelines for the auction of second-generation spectrum.”

The ruling is an embarrassment for Prime Minister Manmohan Singh's government, which oversaw the sale of the licences at below-market prices, costing the exchequer as much as USD 36 billion in lost revenues and leading to political gridlock.

Sibal said he was pleased about SC verdict since it provided clarity on the 2G issues. "The SC order is consistent with the government policy."

The government will abide by the judgement that spectrum should be auctioned which, he said, the ministry has done by delinking spectrum from the licence in 2011 after he took over.

Reacting to the BJP's demand for the resignation of Home Minister P Chidambaram, Sibal hit back at the BJP and said, "I expect the BJP to come clean and say that they themselves were responsible for the loss."

Affected licence holders can operate for four months, during which regulators will come up with new market rules. Sibal said the government will decide on exit policies for telecom firms in 10 days.

Asked about the implications of the judgement on the companies like Telenor of Norway and Sistema of Russion who have pumped huge money to roll out services, the minister said any aggrieved corporate can approach the court for relief.

With inputs from agencies